A federal judge overseeing the U.S. Securities and Exchange Commission's case against Binance ruled that most of the case can proceed, but dismissed charges tied to the sale of BUSD and secondary sales of BNB.and Changpeng Zhao, refusing to dismiss most of the charges against the companies. She did, however, dismiss a charge tied to secondary sales of BNB by sellers who aren't Binance, a charge tied to the sale of BUSD and a charge tied to Binance's"Simple Earn" product.
"Insisting that an asset that was the subject of an alleged investment contract is itself a 'security' as it moves forward in commerce and is bought and sold by private individuals on any number of exchanges, and is used in any number of ways over an indefinite period of time, marks a departure from the Howey framework that leaves the Court, the industry, and future buyers and sellers with no clear differentiating principle between tokens in the marketplace that are securities and...
Friday's ruling highlighted the role of the Howey Test and that the question around secondary transactions was facts and circumstances-based, the SEC team wrote. The U.K. is hosting its next election on July 4, with the Labour Party – currently the opposition party in Parliament – set to win enough seats to appoint a new prime minister. As with other elections in Europe, crypto has not really taken up much attention.
I know this will come as a shock to all of you but neither the moderators, U.S. President Joe Biden or former President Donald Trump mentioned crypto during last week's presidential debate.
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Cryptos, secondary BNB sales not securities: Federal court rules in Binance vs SEC caseIn a landmark decision, a federal court ruled that cryptocurrencies, including secondary sales of Binance’s BNB token, are not securities. This ruling, favoring Binance, could influence other ongoing legal battles and is a major win for the crypto industry.
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